Brief: In a significant ruling, the Madhya Pradesh High Court has quashed reassessment proceedings initiated against an assessee, Mr. Nitin Nema, based on a sale consideration of Rs. 72.05 lakhs for the assessment year 2016-17. The High Court held that the actual income chargeable to tax may be lower than the threshold for reopening assessments …
Continue reading “Sale Consideration is not Income Chargeable to Tax: A Crucial Distinction”
The Mumbai Income Tax Appellate Tribunal (ITAT) has ruled that the maintenance charges for Nostro Accounts are not liable to be treated as interest under Section 2(28A) of the Income Tax Act. Additionally, the ITAT determined that Section 195, which pertains to Tax Deducted at Source (TDS), is not applicable to these charges. The case …
The Ministry of Finance has recently announced that there will be no extension in the deadline for filing income tax returns. This decision comes amidst the approaching deadline of July 31 for filing income tax (I-T) returns for the financial year 2022-23 (assessment year 2023-24). Revenue Secretary Sanjay Malhotra clarified that there is no proposal …
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The Hyderabad Income Tax Appellate Tribunal (ITAT) has ruled in favor of employees of IBM India Pvt. Ltd., stating that the foreign assignment allowance topped up to their Travel Currency Card by IBM India is not taxable in India. The ITAT decision was based on the co-ordinate bench ruling in Bodhisattva Chattopadhyay v. CIT (2019) …
The Panaji ITAT upheld the CIT(A) order confirming the disallowance of interest paid on a loan used to compensate the Assessee’s family members as per an arbitral award on a family settlement. The Assessee claimed a deduction of the interest against the long-term capital gains (LTCG) arising from the sale of a capital asset. However, …
The taxpayer’s argument is that the expenditure on foreign travel should not be disallowed because it was incurred to secure donations from donors who were located abroad. The taxpayer has provided evidence of Foreign Contribution Regulation Act (FCRA) receipts for the relevant assessment year, which were submitted along with the records. It is evident that …
In the case of G.D. Foods and Manufacturing (India) (P) Ltd. v. Assistant Director of Income-tax (Central Circle) [2023] 152 taxmann.com 323 (ITAT Delhi), the assessee had made a payment towards the employee’s contribution for EPF and ESI. However, the Assessing Officer disallowed an amount of Rs 19,37,001/- under section 36(1)(va) of the Act due …
Filing income tax returns (ITR) is not only a legal obligation but also offers numerous benefits for individuals in various professions. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, filing your ITR can have significant advantages. In this article, we will explore the specific benefits of filing ITR for …
Tax season is upon us, and with it comes the responsibility to file our income tax returns (ITR) in a timely manner. It’s essential to meet the deadline and fulfill our civic duty as responsible citizens. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, it’s crucial to take action …
Continue reading “File ITR Now! Only 16 Days are Left. Due Date is 31st July 2023”
📢 Attention: Holders of foreign bank accounts, assets, and income! 🌍 In order to ensure a transparent and fair tax system for all, we kindly remind you to complete the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. 📝 If you possess foreign bank accounts, assets, or receive income from …
Continue reading “Disclose Your Foreign Assets and Income in ITR by July 31st, 2023”
